ICG reduces net debt to lowest level since 1993

FERRY and freight services group Irish Continental Group (ICG) cut its net debt by nearly €20 million – to its lowest level for 16 years – during the third quarter of the year, but said yesterday that the weak sterling versus the euro is keeping business conditions challenging.

In a trading update covering the first nine months of the year, issued yesterday, ICG said that net debt was down to €30m from €48.5m at the end of June. This, it added, reflects “the group’s very strong cash flow characteristics”.

However, for the first nine months of the year, group revenue amounted to €197.8m (down from €265.5m for the same period in 2008); operating profit was down from €37.5m to €24.1m, year-on-year and EBITDA (earnings before interest, tax, depreciation and amortisation) was down from €55.9m to €41.7m.